Devon Energy price target raised to $57 from $55 at RBC Capital

RBC Capital raised the firm’s price target on Devon Energy to $57 from $55 and keeps a Sector Perform rating on the shares. The company’s Q1 outperformance was welcomed and appeared largely related to better cycle times, allowing more and earlier completions and improved well performance, the analyst tells investors in a research note. Devon’s Q2 should further benefit from more completions on core New Mexico acreage and debottlenecking of infrastructure, the firm added.